SEARCHES & HIRINGS
Police & Firemen's Insurance Association, Carmel, Ind., is searching for a second outside manager for its $47 million insurance fund. The association is looking at a list of candidates with help from consultant Smith Barney. A new manager will handle $2 million in domestic equities and is expected to be hired in July, said Jeff Wellner, vice president and treasurer.
Los Angeles County Employees' Retirement Association, Pasadena, Calif., selected two high-yield bond managers to receive $250 million each. Selected were Loomis Sayles and Oaktree Capital Management. Funding, to be done in stages, will come from a fixed-income index fund run by Bankers Trust. The search was done by staff of the $20 billion fund with help from Frank Russell Co.
City of Allentown (Pa.) Employees' Retirement System hired Eagle Asset Management to manage $30 million in intermediate-term fixed income. Eagle replaced C.S. McKee, which was terminated in January, said Linda Bodnar, director of finance. State Street Research and David Babson were finalists in the $110 million fund's search. Legg Mason assisted.
Rhode Island State Investment Commission, Providence, committed $20 million to the Blackstone Capital Partners III L.P. for the $4.85 billion State Employees' Retirement System. The additional commitment to alternative investments moves the fund closer to its 7.5% target allocation, said Steve Klamkin, spokesman. Pacific Corporate Group assisted.